Asian traders bought up the Euro through interbank trading, following early evidence of what later was confirmed as the best result for Merkel's conservative party in a general election since 1990, with the Chancellor receiving around 42% of all votes to keep her post as one of the most powerful women on the globe for a third term. Despite the early enthusiasm, the excitement faded pretty quick, with traders deciding to be sidelined as Merkel still faces a tough road ahead, now having to engage on coalition negotiation to form a government - a process which may take weeks if not months - after Mekel's CDU fell very short from claiming an absolute majority.

As the quiet Asian session advanced, and with the Tokyo market closed due to public holidays, the only relevant headline to outline was the Chinese HSBC PMI, which came at a 6-month high, supporting the Australian Dollar across the board. On the commodity arena, metals were hammered yet again, following Fed's Bullard comments on Friday, which triggered the 'taper trade' again, after saying that the October FOMC meeting was still 'live' in terms of tapering.-FXstreet.comhttp://blog.fxcc.com/market-analysis

Upwards scenario: Technically, next resistive structure lies at 1.3549 (R1). Break here is required to initiate upwards action towards to next target at 1.3583 (R2) and then final aim could be exposed at 1.3618 (R3). Downwards scenario: On the other hand, current range pattern on the hourly chart suggest possible retest of our supportive measure at 1.3507 (S1). Break here is required to open way towards to initial targets at 1.3474 (S2) and 1.3440 (S3).

Upwards scenario: On the upside resistive structure at 1.6044 (R1) prevents possible gains. Clearance here is required to open route towards to next target at 1.6075 (R2) and then final target could be triggered at 1.6106 (R3). Downwards scenario: Local low offers a key support level on the downside. A dip below the 1.5987 (S1) would suggest next intraday targets at 1.5956 (S2) and potentially 1.5925 (S3).